CHICAGO (Reuters) – U.S. agribusiness conglomerate Cargill Inc CARG.UL said it will close its Lockney, Texas, feedlot next summer due to shrinking supplies of cattle and high feed costs.
The pending closure comes months after the company shut one of its Texas beef packing plants also because of fewer cattle.
CHICAGO (Reuters) – For the first time in 40 years, farmers, exporters, processors and traders will have to live without a key monthly crop report that they rely on to forecast market direction because of the U.S. government shutdown.
The U.S. Department of Agriculture report that was due to be released on Friday covers everything from the size of the U.S. corn harvest to China’s soybean imports.
CHICAGO, Oct 9 (Reuters) – U.S. agribusiness giant Cargill
Inc on Wednesday reported a 41 percent drop in
quarterly profits as the lingering effects of the 2012 severe
drought in the United States reduced grain-handling
The company struggled with razor-thin inventories in the
world’s top farm exporter, which kept grain pricey and lowered
processing volume and export demand during the summer months.
CHICAGO (Reuters) – U.S. livestock markets are reeling from this week’s disruption of data from the U.S. Department of Agriculture as the federal government shutdown drags on, while grain traders are muddling through without a key report on weekly export sales.
“It’s a bigger deal for the livestock traders as they rely on daily numbers – slaughter, wholesale pork and beef prices. On the grains, you’re missing more of the big picture,” said Don Roose, president of Des Moines-Iowa brokerage U.S. Commodities, which serves both crop and livestock customers.
CHICAGO, Sept 27 (Reuters) – The red-hot rush for U.S. grain
land is cooling after years of record prices, but prime acreage
is still attracting top dollar in the heart of the Corn Belt so
far this fall, according to land auctioneers.
“On higher quality land it’s been pretty strong steady, but
on medium and lower quality land we’ve seen some pullback,” said
Randy Hertz, CEO of Iowa-based Hertz Farm Management. “There’s a
lot of uncertainty out here in terms of what the future holds.”
CHICAGO, Sept 11 (Reuters) – Worry that a late-summer heat
wave in the U.S. Midwest is shrinking the soybean crop, boosting
the premium of soybean prices over corn, which should encourage
South American farmers to plant a bumper soy crop there, traders
The Chicago Board of Trade soy/corn ratio, or the price of
soy divided by corn, is a keystone annual reference point used
by farmers in the United States and South America to determine
profitability and allocate acres for planting each crop. To a
great extent, both hemisphere crops are also hedged at the CBOT.
CHICAGO (Reuters) – Agribusiness Cargill Inc CARG.UL on Wednesday said its chief executive officer will step down on December 1 in the latest management shuffle among the world’s top agricultural trading houses.
CEO Gregory Page, 62, will be replaced by David MacLennan, Cargill’s president and chief operating officer, as part of the company’s ongoing succession plans, the company said.
CHICAGO (Reuters) – Farmland values in the key U.S. grain state of Illinois are seen easing slowly over the next 12 months after years of record prices due to a fall in both corn prices and government subsidies for crop insurance, according to a survey of the state’s farm managers.
Eighty percent of the farm managers and rural appraisers responding to a mid-year survey of the Illinois Society of Professional Farm Managers and Rural Appraisers expected the value of the state’s farmland to hold steady or decline over the next year. (Survey: link.reuters.com/caf82v)
CHICAGO (Reuters) – Rising interest rates will have little to no effect on Cargill CARG.UL acquisitions in the coming year as the U.S. agribusiness company builds its network of supplies and customers in the global food system, Cargill Chief Financial Officer Marcel Smits said on Wednesday.
“Our view of the world is that very low interest rates lead to most people chasing for yield, and that doesn’t help us in our operations,” Smits said in an interview.
CHICAGO (Reuters) – U.S. agribusiness giant Cargill CARG.UL on Wednesday reported a six-fold rise in fourth quarter net earnings and nearly doubled full-year earnings, citing strength in its core grain-based and financial services.
Minneapolis-based Cargill, one of the world’s largest privately held corporations and a top commodities trader, reported $483 million in earnings for the fourth quarter ended May 31, up from $73 million a year earlier when the company was hurt by volatile commodity markets and reported its worst quarter in more than 20 years.